The cloud storage company is losing money to make money.
Cloud storage company Box filed for an IPO yesterday that it hopes will raise $250m.
Industry experts believe the firm is set to go public in April, and this news comes after Cisco CTO Padmasree Warrior joined the startup’s board of directors last week.
Box refused to comment on recent rumours that HP wanted to acquire the business, but CBR understands it did not act on its alleged desire.
Here’s five things you need to know as the nine-year-old company prepares to hit the stock market.
Box has 25 million registered users
It also claims 40% of Fortune 500 companies are customers, but of its user base of 225,000 organisations, just 34,000 actually pay for the storage service. Indeed, it admits that it will incur "increased losses due to upfront costs associated with acquiring new customers, particularly as a result of the limited free trial version of our service".
It’s growing rapidly
Its staff has grown from 369 employees in January 2012 to 972 employees in January this year. Revenue has also increased massively – it jumped from $3.4m in the year ending January 2012 to $58m in Janauary 2013, to a whopping $124m in the 12 months ending January 2014.